Protection Of Income/Family
When you think about money topics, you may think of things like investing in the market or saving for retirement. These are definitely important, and ones to which we all aspire. But when planning towards financial security, we believe it is also essential that you take action to help safeguard your financial health.
Have you ever considered what might happen to you or your family if you lost your job or became disabled? And if you were to die, would your loved ones be troubled with your debts and tax bills?
It's definitely not an enjoyable topic to think about. But these are important issues when it comes to your financial security.
Where to Begin
The first thing you can do, if you haven't already, is to create an emergency fund. A savings with at least three months of income can provide a cushion for any unforeseen emergencies such as an extensive illness or the loss of a job. But to really help protect yourself, your family and your assets, you should take into account additional measures.
The Big Picture
If you are young and healthy, you might originally scoff at the thought of disability and life insurance. But as they say, accidents happen. And if you happen to have one, you certainly want to help to guarantee that you and your loved ones are protected. Even if it's a short disability, the effect of an accident or a serious illness, having a short- or long-term disability policy and/or life insurance is crucial.
Another significant step in helping to secure your financial security is avoiding debt. While it's effortless and tempting to charge a new TV - or even an entire new entertainment system - debt can be devastating to your financial health. Credit cards should be used for purchases that you can afford to pay off; the "buy now, pay later" attitude can be a trap. The best thing you can do is to keep in mind that if you can't pay for something don't.
Acquiring financial security might mean different things to different people. To learn how Warren Wealth Management can help classify and prioritize your goals and develop a plan to help you become more financially independent, visit our contact page.